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Oil Advances to Eight-Month High on Demand Optimism

November 25, 2020

Oil extended gains, trading at its highest level since March, on mounting optimism that recent breakthroughs on a COVID-19 vaccine will lead to a swift recovery in global energy demand next year.

Futures in New York on Nov. 25 rose 1.2% to trade above $45 a barrel. That followed a flurry of tenders from Chinese and Indian refiners seeking crude oil for January, the latest sign of roaring strength in Asian markets.

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